Anthony Speziale – Tax Shop & Financial Center I will take a break from taxes because the government is constantly changing the law on the fly and tax practitioners are fed up right now. Oh yeah, unemployment adjustments started. Advance payments on the Child Tax Credit (instead of on the 2021 tax return) begin in… Read More
In the previous email blast, the advanced Child Tax Credit was explained where children or dependents will receive a $3600 child credit for ages 5 and under and $3000 for ages 6 – 17. Keep in mind; this will be for this year only. Beginning July 15th, The IRS will be advancing families with children… Read More
Similar to the Recovery Rebate Credit (Stimulus), the IRS will be advancing families with children and/or dependents the Child Tax Credit. The advance will be in equal monthly installments beginning in July. Instead of claiming that entire credit as in the past on your tax return (which reduces your taxes), you will receive monthly advances.… Read More
Anthony Speziale – Tax Shop & Financial Center Hello to all of you and here are your latest updates on your taxes from the $1.9 trillion new package! This will address the further developments pertaining to your tax situation return. Unemployment On March 17th, Federal passed a bill to have the first $10,200 of unemployment… Read More
Also Unemployment – ARP Act Part Deux The IRS deadline has been extended to May 17th. We anticipate that Massachusetts and other states will soon follow with the same deadline. Appointments up to April 15th will not change as we will keep the same hours. We will update you on scheduling for the period April… Read More
The American Rescue Plan Act of 2021 makes a portion of unemployment compensation non-taxable for certain filers and eliminates repayment of excess funds received through the Advance Premium Tax Credit. We ask for your patience while we work closely with the IRS and state taxing authorities to implement any necessary changes. We do not recommend… Read More
April Monday, April 2 Electronically file Forms W-2, W-2G, 1098, 1099, 8027, 1094-C, 1095-C, 1094-B, and 1095-B. (see F.I.R.E.) Tuesday, April 17 Corporations: Deposit the first installment of your 2018 estimated tax. Tuesday, April 17 Household Employers: File Sch. H with Form 1040 if you paid $2,000 or more to a household employee. Tuesday, April 17 Corporations: File Form… Read More
More than 155 million individual tax returns are expected to be filed in 2018, according to the IRS, which began accepting electronic and paper tax returns on Monday, January 29, 2018. Note: Although the IRS began accepting both electronic and paper tax returns January 29, paper returns will not begin processing until mid-February as system… Read More
Recent tax reform legislation affected the tax code in many ways. Here are four tax breaks that survived the cut that will take effect for the 2018 filing year. Mortgage Interest Deduction The mortgage interest deduction is limited to mortgage principal of $750,000 on new homes. Previously, the limit was $1 million. Existing mortgages are… Read More
The Internal Revenue Service is warning taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. The IRS also offered a step-by-step explanation for how to return the funds and avoid being scammed. These criminals have a new twist on an old scam. After stealing taxpayer data and filing… Read More